International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.

Project Status

Approved

Bank Risk Rating

B

Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.

Voting Date

Sep 4, 2017

The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.

Borrower

TAQA Arabia for Solar Energy S.A.E.

The holder of the loan, grant, or other investment.

Sectors

Energy

The service or industry focus of the investment. A project can have several sectors.

Investment Amount (USD)

$ 19.00 million

Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.

Project Cost (USD)

$ 75.00 million

Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.

Project Description

Egypt Round II Solar PV Feed-in Tariffs Program (the Project) consists of 11 photovoltaic solar power plants (the Sub-projects), 9 x 50MWac and 2 x 20MWac, all to be located in the Benban Solar Park near Aswan, with an aggregate power generation capacity of 490MWac. The solar power plants will be developed by different Sponsors and all output generated will be sold to the Egyptian Electricity Transmission Company (EETC) under a 25-year Power Purchase Agreement.
The Project entails the development, financing, construction, testing, commissioning, operation and maintenance of a 50MWac solar PV power plant located in Benban Solar Park. All output generated by the Project will be sold to the Egyptian Electricity Transmission Company (EETC) under a 25-year Power Purchase Agreement.
The project applies the IFC’s Policy on Environmental and Social Sustainability, including the relevant Performance Standards.

Investment Description

Asian Infrastructure Investment Bank (AIIB)

International Finance Corporation (IFC)

The Project cost is up to $70-75 USD million. The Bank is considering a senior loan of up to $17.5-19 USD million. The Project will be co-financed by IFC and other lenders for up to $41 USD million, and the balance will be covered by equity.

Private Actors

The Project is being developed by TAQA Arabia for Solar Energy S.A.E. (the Borrower), a special purpose vehicle owned 100% by TAQA Arabia S.A.E. (100%), the Sponsor.

Contact Information

Asian Infrastructure Investment Bank (AIIB):
Ms. Carmen de Castro
Project Team Leader / Investment Operations Specialist
E-Mail: carmen.decastro@aiib.org
Sponsors
Company: TAQA Arabia
Point of Contact: Eng. Adham Abubakr
Title: Business Development Manager
Address: 57 Cornish El Nile- Maadi- Cairo- Egypt.
Tel: +(202) – 25260900 – Ext. 322
Fax: +(202) – 25260911
Mob.: +(2) – 01227799262
Email: adham.abubakr@taqa.com.eg
Web: www.taqa.com.eg
General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
AIIB OVERSIGHT MECHANISM
In addition, the AIIB has a Bank Oversight Mechanism. According to AIIB’s policies, “people who believe they have been or are likely to be adversely affected by a failure of the Bank to implement the ESP may also submit complaints to the Bank’s oversight mechanism in accordance with the policies and procedures to be established by the Bank for such mechanism.” However, at the time of writing, it is unclear what the exact scope and function of this Oversight Mechanism will be.